Under Law no. 70 of May 23, 1995 on the computerized collection of personal data, does the treatment of the data by the Central Credit Register require the consent of the data subject?
No. Law no. 70/1995 is not applicable pursuant to art. 50, paragraphs 4 and 7 of Law 165/2005 (LISF). It should also be noted that the information obtained from the risk centralisation service is confidential. It may be used only for purposes associated with the assumption and management of credit risk.
Who can have access to the information contained in the Central Credit Register?
The information contained in the Central Credit Register may be consulted by the participating intermediaries on the condition that their requests are aimed at assuming and managing credit risk; information may be required only in cases where it is intended to provide useful elements for the assessment of the creditworthiness of the actual or potential customers.
Does the information provided by the Central Credit Register represent a form of "certification" of credits granted by the credit system?
No. The data recorded in the Central Credit Register regards a debt towards the credit system that may not coincide with the actual one. Some financial intermediaries might be exempted from reporting to the Central Credit Register and there is a minimum threshold of 10,000 below which credits are not to be reported.
Only "bad payers" are reported in the Central Credit Register?
No. The presence of a subject in the Central Credit Register indicates that a participating intermediary has reported a debt or guarantee that exceeds the reporting threshold.
What is a "bad loan"?
A customers debt is classified as bad loan when the customer is in a state of insolvency (inability to pay his/her/its debts) or in substantially comparable situations, irrespective of the judicial assessment; a mere delay in payments is not sufficient to cause a bad loan reporting.
The classification as bad loan is the result of the assessment of the overall financial situation of the customer by the reporting intermediary.
The intermediaries participating to the risk centralisation service must notify the customer and any jointly liable parties (such as guarantors, fully liable members) in writing of the first time that the customers debt is reported as bad loan.
Does the Central Credit Register of San Marino exchange information on credit risks with equivalent foreign centralisation services?
At present, the Central Credit Register of San Marino collects information transmitted by participating intermediaries and does not exchange such information with other foreign centralisation services. Pursuant to art. 50 of Law 165/2005 (LISF), the Supervisory Authority may exchange information on credit risks with the equivalent centralisation services of foreign countries, in the context of specific memoranda of understanding that provide for conditions of full reciprocity, or agreements on cooperation between equivalent authorities.
When is the reporting for a subject in the Central Credit Register terminated?
Participating intermediaries are no longer required to report on a subject when the entire exposure to the individual customer has fallen below the reporting threshold of 10,000 euros (except for the bad loans) or when the loan is extinguished.
What is the period for which the participating intermediaries may consult the information reported in the Central Credit Register?
Participating intermediaries may ask the Central Credit Register for the global risk position of the parties recorded in the database for a period not exceeding the last 24 accounting dates. In this regard, the first information service will be available from the consolidation of the surveys referred to 30 September 2017, which is the first accounting date that may be accessed.
How often are the data in the Central Credit Register updated?
All participating intermediaries transmit the risk positions of their customers within the 25th day of the month following the reference date and, after the verification of any comments, such positions are consolidated. Following the consolidation of risk positions, which is typically carried out no earlier than the 40th day following the reference date, the return flows to the participating intermediaries are generated. Any change of the status to bad loan is transmitted within 3 business days following the day on which the competent decision-making bodies have established the customers debt to bad-loan classification.
How long does it take for the payment of a loan to be entered in the Central Credit Register?
The payment of a loan is recorded in the report transmitted by the intermediary to the Central Credit Register and related to the month in which that loan was paid. For example, if the payment is made on 10 October, it will be entered in the report related to the accounting date of 31 October, which the intermediary is required to transmit by 25 November. The information referring to 31 October is available to the intermediaries and debtors themselves approximately on the first days of December (see previous answer).
May the data included in the Central Credit Register be corrected?
In case of incorrect information entered in the Central Credit Register, interested parties may obtain the updating, rectification or integration thereof directly from the reporting intermediaries. The latter are responsible for the accuracy of the reports transmitted to the Central Credit Register. Should the participating intermediaries find out that a risk position previously reported is incorrect or has been incorrectly registered, they must promptly adjust the relevant report made. The Central Credit Register enters such variation in its archives and, if it is related to one of the last 24 records, promptly communicates it electronically to the intermediaries involved.
Is it possible to ask the Central Bank to delete the data from the Central Credit Register?
Whoever finds in the Central Credit Register an information in his/her name considered to be incorrect, may ask the correction thereof directly to the intermediary who reported it, not to the Central Bank.
Is it possible to ask to know your own position with the Central Credit Register ?
Yes. Interested parties may request to know their risk position directly to the reporting intermediary, who must deliver the information on the risk position based on the information flows received from the Central Bank.
The information on your risk position can also be requested directly from the Central Bank ( forms are available in the relevant section of the website), which will provide details of the risk reports produced by the individual intermediaries in the last 24 accounting dates available.
The first available accounting date is that referring to the consolidation of the reporting as of 30 September 2017; in this regard, it should be noted that no less than 40 day pass from the accounting date to which the data refers and the one in which the data is available.
Can I be present in the Central Credit Register even if I have extinguished my debt position?
Yes, because the reports remain visible for 24 monthly accounting dates.